The National Bureau of Statistics (NBS) at the weekend disclosed there was a decrease of 0.26 per cent in all commodity terms of trade between October and November 2020.
NBS noted the products responsible for the decrease were wood and articles of wood, wood charcoal and articles (-2.14 per cent), products of the Chemical and Allied industries (-1.89 per cent) and mineral products (-1.0 per cent).
The report said this was “offset by Boilers Machinery and Chemical Appliances (3.14 per cent), prepared foodstuff, beverages, spirits and Vinegar (2.99 per cent)”.
According to NBS, between November and December 2020 the All-commodity terms of trade fell by 0.13 per cent.
The report attributed the decline to the fall in the prices of boiler machinery and Chemical appliances.
It said: “This was as a result of declines in the prices of Boilers Machinery and Chemical Appliances (-3.36 per cent), Prepared foodstuffs, Beverages (-2.55 per cent and Base metals and Articles (-1.46 per cent).
“The decline was offset by increases in the process of wood and articles of wood, wood charcoal and articles (1.09 per cent) and Mineral products (0.97 per cent)”.
The NBS data noted that all-region export index decreased by 0.25 per cent between October and December 2020 due to declines in
export prices to All-regions except Asia (Africa-1.18 per cent, Europe-0.27 per cent, America-0.19 per cent and Oceania 0.17 per cent).
According to NBS, during the quarter, exports to Asia recorded an increase of 0.16 per cent.
The month–on-month changes, said the data, show a decrease of 0.49 per cent in November and a slight increase of 0.23 per cent in December.
NBS further noted that all-region export index decreased by 0.25 per cent between October and December 2020 due to declines in
export prices to All-regions except Asia (Africa-1.18 per cent, Europe -0.27 per cent, America-0.19 per cent and Oceania-0.17 per cent).
